- Banro (NYSEMKT:BAA) announces a recapitalization support agreement with key stakeholders and has started restructuring proceedings under Canada's Companies' Creditors Arrangement Act; shares are halted.
- BAA says it has obtained protection from its creditors under the CCAA for an initial period expiring Jan 19 and approval of interim financing of up to US$20M.
- The company warned last month that it was running out of cash and funding options to service its debt.